UCP Elects Eric H. Speron to Board of Directors

December 01, 2016 12:45 PM Eastern Standard Time

SAN JOSE, Calif.--(BUSINESS WIRE)--UCP, Inc. (NYSE:UCP) today announced that its Board of Directors has
elected Eric H. Speron as a new director, effective December 12, 2016.
Mr. Speron has over 16 years of management and advisory experience
across the financial services industry. Since January 2016, Mr. Speron
has also served as a member of the Board of Directors of PICO Holdings,
Inc. (Nasdaq: PICO), which is UCP’s controlling stockholder. Mr. Speron
will be a Class I Director and replace John R. Hart, who will resign as
a director effective December 12, 2016.

Dustin L. Bogue, President and CEO of UCP and a member of its Board of
Directors, stated, “We are pleased to welcome Eric to our Board. He
brings significant financial management, investing and strategic
experience that we expect will contribute positively to our continued
improvement in profitability and returns on equity. He is aligned with
our core values and committed to our goals to build on our revenue
momentum, discipline in operations and ongoing transformation of our
business to drive shareholder value.”

Michael C. Cortney, Chairman of UCP’s Board of Directors, added, “We are
delighted that Eric has agreed to join our Board. Eric’s strong business
and investment acumen further strengthens our Board, which is fortunate
to have a diverse team of highly respected business leaders. His counsel
will be an asset to the ongoing expansion of UCP. Additionally, we would
like to thank John for his many years of exemplary service on our Board
and we wish him well in his future endeavors.”

Mr. Speron is an analyst and portfolio manager of three portfolios
managed for clients of First Foundation. He also serves as a member of
the investment committee of First Foundation Advisors and, as a member
of the First Foundation Advisors investment committee, assists in
shaping the portfolio investment process and overall asset allocations.
Mr. Speron joined First Foundation Advisors in 2007 from JPMorgan’s
Institutional Equity division. Mr. Speron is also a member of the board
of directors of PICO Holding, Inc. Mr. Speron is currently a member of
the CFA Institute and the Orange County Society of Financial Analysts.
He earned a Bachelor of Arts Degree with a double major from Georgetown
University where he was also voted Academic All-American, Mid-Atlantic,
for his academic and athletic accomplishments.

About UCP, Inc.

UCP is a homebuilder and land developer with expertise in residential
land acquisition, entitlement, and development, as well as home design,
construction and sales. UCP operates in the States of California,
Washington, North Carolina, South Carolina and Tennessee. UCP designs
and builds single-family homes for a variety of lifestyles and budgets
through its wholly-owned subsidiary, Benchmark Communities, LLC.

Forward-Looking Statements

This press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995 and
other federal securities laws. These forward-looking statements can be
identified by the use of words such as “may,” “might,” “will,” “should,”
“expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,”
“potential,” “project,” “goal,” “intend,” “continue” or other similar
expressions. These forward-looking statements are subject to known and
unknown risks and uncertainties that can cause actual results to differ
materially from those currently anticipated due to a number of factors,
including, but not limited to, those described in the “Risk Factors”
section of UCP, Inc.’s most recent Annual Report on Form 10-K, as may be
updated from time to time in UCP, Inc.’s periodic filings with the
Securities and Exchange Commission (the “SEC”), all of which are
available free of charge on the SEC’s website at www.sec.gov.

Any forward-looking statement made by UCP, Inc. herein, or elsewhere,
speaks only as of the date on which it was made. New risks and
uncertainties come up from time to time, and it is impossible for UCP,
Inc. to predict these events or how they may affect it. UCP, Inc.
expressly disclaims any responsibility to update or revise
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by law.